Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the following tab labeled “Performance”.

Total Fund Assets (as of 7/31/2018):

Lipper Category:

Morningstar Category:

Strategy Highlights

Allocations to out-of-benchmark securities can provide value and diversification

Initial portfolio position in any one holding is typically 0-3%; 5% maximum position size

Investment Strategy

Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed income securities

May invest up to 35% of assets in below investment grade fixed income securities

May invest up to 20% of its assets in equity securities such as common stocks and preferred stocks (with up to 10% of its assets in common stocks)

May invest any portion of its assets in securities of Canadian issuers and up to 20% of assets in foreign securities, including emerging markets

About Risk

Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.

Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.

Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Diversification does not ensure a profit or guarantee against a loss.

1 As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses once the expense cap of the fund has been exceeded. This arrangement is set to expire on 1/31/19. Transfer Agent Fee waivers for Class N are contractual and are set to expire 1/31/19. When an expense cap has not been exceeded, the fund may have similar expense ratios and/or yields.

2The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

The Bloomberg Barclays US Government/Credit Bond Index includes securities in the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the US Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of US Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the US Government). The Credit Index includes publicly issued US corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Indexes are unmanaged. It is not possible to invest directly in an index.

Gross Expense Ratio: (N) 0.59%, (I) 0.66%, (R) 0.91%, (Admin) 1.16%; Net Expense Ratio: (N) 0.59%, (I) 0.66%, (R) 0.91%, (Admin) 1.16% As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses once the expense cap of the fund has been exceeded. This arrangement is set to expire on 1/31/19. Transfer Agent Fee waivers for Class N are contractual and are set to expire 1/31/19. When an expense cap has not been exceeded, the fund may have similar expense ratios.

Lipper Ranking as of 7/31/2018

Class N

Class I

Class R

Class Admin

1 Year

17/48

18/48

20/48

23/48

3 Years

9/40

11/40

15/40

17/40

5 Years

15/32

16/32

17/32

20/32

10 Years

N/A

4/8

5/8

6/8

Lipper Category: General Bond Funds

Morningstar Ranking as of 7/31/2018

Class N

Class I

Class R

Class Admin

1 Year

197/310

207/310

227/310

242/310

3 Years

64/269

75/269

99/269

115/269

5 Years

80/208

86/208

103/208

123/208

10 Years

N/A

33/125

43/125

55/125

Morningstar Category: Multisector Bond

Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.

Both duration and maturity for equity securities are deemed to be zero.

Before investing, consider the fund's investment objectives, risks, charges, and expenses. You may obtain a or a , if available, containing this and other information on this website. Read it carefully.